Elon Musk's Wealth Reaches New Heights in 2024

Elon Musk's net worth surged to an unprecedented $421.2 billion by the end of 2024, driven by valuation increases in Tesla, SpaceX, and xAI. His fortune saw a dramatic increase of $170 billion over the year, making him the first person to surpass the $400 billion mark, and he ended the year $188 billion ahead of Jeff Bezos. The rise in Musk's wealth was fueled by SpaceX's valuation soaring to $350 billion, Tesla's stock reaching new heights, and successful fundraising for xAI. The wealth boom in 2024 was part of a broader trend where the world's wealthiest individuals, particularly tech billionaires, saw substantial gains due to a robust stock market fueled by AI advancements and Donald Trump's election win. Musk's close ties with Trump and the resulting impacts on his business ventures also contributed to his wealth increase. Overall, the top tech billionaires collectively added $903 billion to their net worth, with Musk leading the pack.